\textit{Panel A: All firms }    &  \multicolumn{6}{c}{log(Markdown) }      \\ 
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
log(Labor market share)&       0.044&       0.001&       0.055&       0.003&       0.051&       0.004\\
 &&&&\\ Fixed effects & \multicolumn{2}{c}{None} &      \multicolumn{2}{c}{Market} &    \multicolumn{2}{c}{Market  $\times$ Year} \\ R-squared &  \multicolumn{2}{c}{.067}&      \multicolumn{2}{c}{.192} &     \multicolumn{2}{c}{.550}  \\ Observations &       \multicolumn{2}{c}{4671}&       \multicolumn{2}{c}{4671} &      \multicolumn{2}{c}{4671}  \\     \hline    
\textit{Panel B: Non-cartel firms }    &  \multicolumn{6}{c}{log(Markdown) }      \\ 
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
log(Labor market share)&       0.037&       0.000&       0.053&       0.005&       0.065&       0.005\\
 &&&&\\ Fixed effects & \multicolumn{2}{c}{None} &      \multicolumn{2}{c}{Market} &    \multicolumn{2}{c}{Market  $\times$ Year} \\ R-squared &  \multicolumn{2}{c}{.046}&      \multicolumn{2}{c}{.180} &     \multicolumn{2}{c}{.561}  \\ Observations &       \multicolumn{2}{c}{3183}&       \multicolumn{2}{c}{3183} &      \multicolumn{2}{c}{3183}  \\     \hline    
\textit{Panel C: Cartel firms }    &  \multicolumn{6}{c}{log(Markdown) }      \\ 
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
log(Labor market share)&       0.043&       0.001&       0.008&       0.002&      -0.004&       0.002\\
 &&&&\\ Fixed effects & \multicolumn{2}{c}{None} &      \multicolumn{2}{c}{Market} &    \multicolumn{2}{c}{Market $\times$ Year} \\ R-squared &  \multicolumn{2}{c}{.063}&      \multicolumn{2}{c}{.188} &     \multicolumn{2}{c}{.793}  \\ Observations &       \multicolumn{2}{c}{1472}&       \multicolumn{2}{c}{1472} &      \multicolumn{2}{c}{1472}  \\     \hline    
